We trim our target price (TP) by 5.8% to VND21,000 and maintain our MARKET PERFORM rating with a projected TSR of 3.4%. Out TP cut is due to (1) our 12%/26% downward revisions in 2020/21 net income forecasts as we expect CTG will put strong efforts in resolving its VAMC balance and (2) an increase in risk-free rate assumption.